Schumpeter's contribution to price theory
Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price sys...
| Main Author: | |
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| Format: | Working Paper |
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Centre for Research in Applied Economics, Curtin Business School
2009
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| Online Access: | http://hdl.handle.net/20.500.11937/33664 |
| _version_ | 1848754010181337088 |
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| author | Bloch, Harry |
| author_facet | Bloch, Harry |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price system. However, the price theory which Schumpeter proposes for economic development is only partially developed in writings and has been largely ignored since. Yet, it is the analysis of economic development that constitutes Schumpeter's enduring contribution to economic thought. This paper provides a critical examination of Schumpeter's price theory as it applies when there is economic development and provides some suggestions for further development of the theory. |
| first_indexed | 2025-11-14T08:33:36Z |
| format | Working Paper |
| id | curtin-20.500.11937-33664 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:33:36Z |
| publishDate | 2009 |
| publisher | Centre for Research in Applied Economics, Curtin Business School |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-336642017-01-30T13:38:32Z Schumpeter's contribution to price theory Bloch, Harry Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price system. However, the price theory which Schumpeter proposes for economic development is only partially developed in writings and has been largely ignored since. Yet, it is the analysis of economic development that constitutes Schumpeter's enduring contribution to economic thought. This paper provides a critical examination of Schumpeter's price theory as it applies when there is economic development and provides some suggestions for further development of the theory. 2009 Working Paper http://hdl.handle.net/20.500.11937/33664 Centre for Research in Applied Economics, Curtin Business School fulltext |
| spellingShingle | Bloch, Harry Schumpeter's contribution to price theory |
| title | Schumpeter's contribution to price theory |
| title_full | Schumpeter's contribution to price theory |
| title_fullStr | Schumpeter's contribution to price theory |
| title_full_unstemmed | Schumpeter's contribution to price theory |
| title_short | Schumpeter's contribution to price theory |
| title_sort | schumpeter's contribution to price theory |
| url | http://hdl.handle.net/20.500.11937/33664 |